If you refinance a house do you have to pay taxes on the equity the house built up?

Deeanna
My aunt recently refinanced a house in San Diego California. The refinanced amount was 475.000.00 up from the original purchased price of 415.000.00.The equity buit was 60.000.00. Will she have to pay taxes on those 60.000.00. if so what would be the tax percentage? She is singled.

Kandi
She will not have to pay taxes after refinancing on that amount, HOWEVER, she WILL have to pay higher property taxes because it will be reassessed for the higher amount.If she sells the house, she will have to pay any gain she has, which could be reduced if she saves receipts for things she improved on the house.

Sherice
She will *not* have to pay any taxes on the equity she took out. Refinancing is not a taxable event, selling or transferring the property may be taxable.